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It could be the perfect time to apply for a lowest mortgage refinance rate. Property market has crashed all through the United States and values of homes have fallen leading to a financial crisis. And on account of the declining property prices, many borrowers are finding it hard to refinance their homes. That could be precisely because they might possibly owe more on their home in comparison to its present mortgage value. Nevertheless, the home affordability and stability plan initiated by the federal government which is also known as the Obama home refinance program seems to offer some hope to struggling homeowners who are faced with impending foreclosure of their homes.

By refinancing existing home mortgages, you could be in a much better position to get access to significantly reduced mortgage rates and thus, lower your monthly mortgage installments. President Obama’s $ 75 billion package assisted making home affordable program is primarily designed to assist distressed home makers and stabilize the sagging housing market. Therefore, if you currently own a home mortgage with high interest rate or even adjustable rate, you could take advantage of some of the lowest mortgage refinance rates that are available in the market. By qualifying for a home refinance loan for bad credit, you could save lot of money over the entire term of the loan.

Thereby, the Obama mortgage refinance plan allows borrowers to refinance their homes to drastically lower rates of interest. As per tenets of the program, homeowners can borrow money up to up to 105% of the existing market value of the home. Furthermore, refinance loan applicants could also negotiate mortgage rates with lenders and save as much as $ 500 each month on mortgage payments. But to qualify for the low home affordable refinance rates, you need to meet few guidelines that are mentioned below.

1. Home to be refinanced needs to be primary residence.
2. Value of mortgage should be less than $ 729,750.
3. Mortgage loan should have originated on or before 1st January, 2009.
4. All mortgages owned or insured by Freddie Mac or Fannie Mae automatically eligible.
5. Need to provide proof for foreseeable financial hardships.
6. Existing monthly mortgage installments need to be more than 31% of gross monthly income.

Qualifying for the home refinance loan is not that easy as the process of filing an application is quite complicated as well as rigorous. Hence, to improve your chances of getting an approval for home refinance loan, an expert guidance is suggested.

To get more useful information on low rate bad credit mortgage refinance loans, it is hereby recommended to utilize the professional services offered by reputed online service providers like USLoanz.